Not only are Federal Debt burdens being added to the population, but the citizens have only taken a pregnated pause from running up their own debts. An increase in interest rates will have a dramatic effect.

Housing has been a perennial leading indicator of the health of the economy. Mortgages have leveled off after a rebound from the Great Recession, but at a much lower level than previously. This may be an indication that personal borrowing is not going into investment like housing, but to fill consumption needs such as cars, student loans and credit cards.